6 Steps to Open a Bank Account in Singapore as a Foreigner (2024)

• Legals in Singapore

• February 3, 2024
• Matt Timmermans

Foreigners can open a bank account in Singapore to quickly transfer, receive, or spend Singapore dollars. There are plenty of options, as several banks offer bank accounts to foreign nationals. Which of them is the best depends on your personal circ*mstances, as each Singaporean bank has its requirements and benefits. We’ll guide you through opening a bank account in Singapore.

Open a bank account in Singapore in 6 steps

Opening a bank account in Singapore is straightforward, as foreigners can do so in six easy steps:

1. Choose your bank: Decide between Singaporean banks like DBS, UOB, OCBC, and Maybank, or international banks such as HSBC and Wise.
2. Gather necessary documents: This includes your passport, Employment or Student’s Pass, and sometimes a proof of address.
3. Visit the bank (if required): Some banks require you to visit a branch in person to finalize the account opening, while others allow you to open a bank account in Singapore online.
4. Make an initial deposit: Depending on the bank, you might need to deposit an amount ranging from SGD 500 ($385) to SGD 5,000 ($3,850) into your bank account.
5. Activate online services: Once your account is open, you can set up online banking and other digital services.
6. Receive your debit card: The bank will issue your debit card once everything is set up.

Can foreigners open a bank account in Singapore?

Foreigners can open a bank account in Singapore. Due to the influx of foreign nationals for work, opening a bank account in Singapore has become more accessible over the last few years. However, foreigners still have to meet several requirements to be eligible for a bank account.

Singapore banking fees

Banks in Singapore typically don’t charge monthly service fees. However, they impose a ‘fall below fee’ if your average monthly balance drops below a certain threshold, usually between SGD 1,000 ($770) and SGD 5,000 ($3,850). Wise is the only bank offering Singapore Dollars and not imposing a monthly or fall-below fee.

Requirements to open a bank account in Singapore as a foreigner

Foreigners must provide their passport, Employment or Student Pass, and sometimes proof of address. Some banks might also require a secondary government-issued ID or a referral letter from a previous bank.

What is the best account in Singapore?

Several banks in Singapore allow foreigners to open a bank account. There are local banks, such as DBS, UOB, OCBC, and Maybank, and many international banks, such as HSBC, Standard Chartered, Citibank, and Wise. The best account in Singapore largely depends on individual needs. The Wise account is often recommended for non-residents due to its flexibility and multi-currency features.

1. DBS Bank account for foreigners

DBS Bank, or the Development Bank of Singapore, is recognized as the safest bank in Asia. DBS offers the DBS Expatriate Program, which provides multi-currency accounts, standard checking and savings, and remittance services. Many foreigners opt to open an account at DBS because it’s accessible to foreign nationals.

• Minimum average daily balance: SGD 3,000 ($2,310)
• Monthly fee: SGD 5 ($3.85) per month
• Proof of address: Required
• Other requirements: Passport, proof of tax residency, Employment/Student’s Pass.
• Currencies offered: SGD and 12 foreign currencies.
• SWIFT/BIC code: DBSSSGSG

2. CIMB Bank account for foreigners

CIMB Bank, or Commerce International Merchant Bankers, caters to the Malay population in Singapore and emphasizes Islamic banking practices. CIMB offers a bank account for foreigners in Singapore, although it’s not among the most popular banks for foreigners.

• Minimum average daily balance: SGD 1,000 ($770)
• Fall below fee: Non
• Proof of address: Required
• Other requirements: Passport, a second form of ID, proof of residential address.
• Currencies offered: SGD
• SWIFT/BIC code: CIBBSGSG

3. UOB Bank account for foreigners

UOB Bank, or United Overseas Bank, is one of Singapore’s major banks and a popular local bank among foreigners. This is because UOB Bank provides several products for non-residents, such as personal savings and current accounts.

• Minimum average daily balance: SGD 1,000 ($770)
• Fall below fee: SGD 5 ($3.85) per month
• Proof of address: Required
• Other requirements: Passport, a second form of ID, a letter or reference.
• Currencies offered: SGD
• SWIFT/BIC code: UOVBSGSG

4. OCBC Bank account for foreigners

OCBC Bank, or Oversea-Chinese Banking Corp, is one of the bigger banks in the Asia-Pacific region, which allows non-residents from specific countries to open a bank account in Singapore. This means foreigners can open a Singapore bank account at OCBC Bank.

• Minimum average daily balance: SGD 3,000 ($2,310)
• Fall below fee: SGD 2 ($1.54) per month
• Proof of address: Required
• Other requirements: Passport (from specific countries)
• Currencies offered: SGD
• SWIFT/BIC code: OCBCSGSG

5. Wise multi-currency account

Foreigners in Singapore benefit most from Wise, which offers a multi-currency account that can hold 50 different currencies on the same debit card. It’s perfect for people who want to spend, receive, and send Singapore Dollars (SGD) or any other currency. One of Wise’s major benefits is that holders can convert currencies cheaply and fast. With their Wise card, they can withdraw Singapore Dollars at almost any ATM in Singapore without paying extra fees.

Wise allows foreigners to open an individual bank account, although opening a business or corporate bank account in Singapore is also possible at Wise.

• Minimum average daily balance: None
• Fall below fee: None
• Proof of address: Required
• Other requirements: Passport or identity card, proof of address.
• Currencies offered: 40+ (including SGD)
• SWIFT/BIC code: TRWIGB2L

How can foreigners open a bank account at Wise?

Foreigners who want to open a bank account in Singapore online can do so at Wise by clicking here. Select if you will open an individual or business account and fill in your email address, password, and country, whereafter you’re ready to go.

Frequently Asked Questions (FAQs)